On Wednesday the dow took a major dip and went fell 550 points – also 4.5% of its value. The fall erased all of the gains made on Tuesday, leaving some wondering why, and what’s to come. So what caused the drop? The U.S.’s AAA credit rating dropped for the first time in history to AA+, and news of France’s credit rating teetering on the edge has meant bad news for American stocks. Bad debt in the Europe (which affects the banks that the U.S. invests in) is also being cited as the catalyst. So what can you do about it? Financial Analyst Wes Moss tells us what the market means for retirement, and others are looking to safer investments like gold (the price of which hit a record $1800 dollars an ounce) to tide them through.
